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5/04/2009

Indian Express considers the G-20 Summit to have been 'a success in some ways'. It argues that the summit concluded with a statement 'that has sensible policies' and that the provision of 'greater resources for the IMF and multilateral-lending banks and IMF reforms' is one of the biggest achievements of the summit.

Hidustan Times reports that the six pledges that the heads of G20 leaders signed on 2 April 'will mostly, not completely, work in India's favour'. The newspaper says that the pledge to not repeat the 'historic mistakes of protectionism' is likely to have the greatest short-term impact but also cautions that these pledges are non-binding and hence 'some of them may just bring false hope'.

Professor Nirvikar Singh says in Mint that the summit has, 'remarkably and unexpectedly', produced a 'significantly positive response from a heterogeneous group of national leaders'. Singh feels the language and emphasis of the G-20 statement point towards the 'beginning of a major shift in global power', including an inevitable change in the workings of international financial institutions.

4/04/2009

Mint says that G-20 meet has been 'a pleasant surprise', with more than the expected boost for the International Monetary Fund (IMF) and the pledge of $250 billion (around Rs12.6 trillion) for a fund for trade finance. The newspaper feels that the increase in IMF's resources and the creation of an extra $250 billion worth of special drawing rights is a 'lifeline' for weak economies.

3/04/2009

Economic Times is optimistic about the impact of the G20 summit on the financial markets saying that 'the announcement of a stimulus package by the world's top 20 economic powers which includes injection of $1.1 trillion into the financial system' to counter the economic downturn has 'helped boost confidence across the globe.'

Asian Age says that G20 'put up a united front and sewed together an unprecedented programme of action', including a $1.1-trillion hike in the resources of international financial institutions, to fight the worst economic crisis of modern times and to restore confidence, growth and jobs.

2/04/2009

Press Trust of India reports that Indian Prime Minister Manmohan Singh has discussed with his British counterpart Gordon Brown the need for transparency in international banking system with particular focus on tax havens. Following an hour-long meeting between the two leaders on the eve of the G20 summit, Indian Foreign Secretary Shiv Shankar Menon said it seemed there was a 'coming together of minds' on the issue of transparency and exchange of information in banking system.

Financial Express, featured Prime Minister Manmohan Singh's views on international financial institutions playing 'a crucial bridging role' in bridging the gap in key infrastructure projects.

Asian Age notes Singh's statement that the G-20 nations need an umpire to ensure that proposed economic stimulus is sustained and maintained.

The Hindu reports that India expects a 'positive outcome' from the London summit on steps to reenergize the world economy. The newspaper says that the Indian expectation is that the differences over tactics on either the stimulus or regulation will not be allowed to come in the way of the overriding common interest in getting the world economy going again.

In an editorial article, the Indian Express is optimistic that the G 20 summit will see progress on the proposed reform of the International Monetary Fund. The editorial also says that real reform would require an 'immediate dilution' in the stakes of the US and EU countries and an increase of voting power for emerging economies.

31/03/2009

Prime Minister Manmohan Singh issued a statement saying that the G20 had an important role to play in addressing the global economic and financial slowdown by taking co-ordinated and purposeful action. He highlighted issues such as the 'need to avoid protectionism in the trade of both goods and services', facilitation of trade finance, and 'reform and restructuring of international financial institutions' require particular focus.

The Hindu covers the Foreign Secretary Shivshankar Menon's statement that the leaders of the G20 were expected 'to take decisions aimed at helping the global economy' to recover from the current slump in a manner that was 'fully consistent with market principles.' Menon added: 'The area where we would like to see action is really against protectionism and their response, which we consider is very important.'

In an interview with The Hindu, Montek Singh Ahluwalia, the Planning Commission Deputy Chairman, says the global community needs to take special measures to make sure that the developing countries are helped at a time when a crisis that was not of their making is having a very severe effect on them.

Indian Express reports that while many European countries may be 'pitching hard for a global financial regulator to clean up the world's banking system', India is of the strong view that this is not a practical possibility. The newspaper says that 'wary that such a move may limit the efficiency of capital flow seamlessly from one jurisdiction to another'.

Another article says that trade is collapsing and 'an insidious protectionism is on the rise.' The newspaper is concerned as this problem escalates the London summit 'looks like offering nothing but pieties' and says that at the summit the leaders need to 'limit the scope for tariff increases-ideally by finishing the Doha round of trade talks' and also 'put aside anti-dumping actions.' 

An editorial in Indian Express says that at the G20 summit, the concerted actions and shared sacrifices the world most needs, seem to be put in peril most of all by 'governments anxious to please domestic constituencies'. The editorial says that 'Financial nationalism' will 'throttle' the economies of emerging countries, such as India's, which the rest of the world requires to be performing and that India must continue to articulate its case against such short-sightedness.

Hindu Business Line reports that in the run up to the London Summit of G20 leaders, the Finance Ministers of emerging and developing economies have sought action on the 'democratic deficits' in international financial institutions, such as the World Bank and IMF in particular.

Asian Age says the G20 is about 'fixing the international financial system and repairing the recession-hit economy' and expresses concern that participant nations are divided on the measures to resolve the current problems. The newspaper states that India wants reforms and greater say for emerging nations at international financial institutions such as the World Bank, the International Monetary Fund and the Asian Development Bank to 'equip them to deal with the economic crisis without losing their development focus.'

30/03/2009

Indian Express reports that in its position paper for the London Summit, India has voiced concerns about protectionism - both in goods trade and in terms of the curbs put on labour mobility by developed countries. 'There is a need to eliminate all traces of protectionism from financial rescue packages,' an official involved in drafting the Indian position paper told the newspaper.

27/03/2009

Hindustan Times says that the heads of G20 states will have to turn from 'the immediacy of liquidity injection to a coordinated response on recapitalising their financial systems and disposing all unearthed toxic assets.' The paper argues that India will place strong emphasis on protectionism at the summit but argues that India has itself implemented protectionist measure since the crisis began. The newspaper also says that over-regulation and protection are two prominent dangers the world is confronting and countries like India that have 'resisted the excesses of capitalism', deserve to be heard.

Asian Age reports that British Prime Minister Gordon Brown has been in constant touch with his Indian counterpart, Manmohan Singh, by telephone. The newspaper also notes Mr Brown's admission that India and China should get more say in the IMF.

IANS reports that Planning Commission Deputy Chairman Montek Singh Ahluwalia has said that governments the world over had realised the global slowdown should not be left for markets forces alone to tackle.

The Tribune highlights a UN survey that says that India has proved an anchor for economic stability in South Asia and is helping other economies of the region battle global financial crisis. The Economic and Social Survey of Asia and the Pacific (ESCAP) 2009, released in the capital today, notes India's measures to improve the liquidity of the financial sector and its relaxed monetary policy, and predicts that the fiscal stimulus packages offered by the government would 'soften the economic downturn and further strengthen domestic demand.'

26/03/09

Asian Age reports that Prime Minister Manmohan Singh has held consultations with Planning Commission deputy chairman Montek Singh Ahluwalia with an aim to firm up India's stand at the G-20 Summit meeting in London next week. The Prime Minister's office also said that 'the G-20 is a major platform and India is expected to play a major role ... The PM is taking inputs from various industry leaders and experts'.

The Hindu covers China's indication of its desire to work with India in mitigating the impact of the financial crisis.  The Chinese Ambassador to India Zhang Yan said they could 'share their experiences to provide relief to their people'. China and India can complement each other in the international arena to guard against protectionism in developed countries.

Press Trust of India reports that US President Barack Obama will meet Prime Minister Manmohan Singh in London on April 2, on the sidelines of the G-20 Summit. According to the news agency, the prominent issues that the US President is expected to discuss with Manmohan Singh include the 'current situation in Afghanistan and Pakistan, climate change and world economy.'

25/03/09

Mint reports that Indian business leaders and regulators expect practical steps and commitments from governments in the coming G-20 conference. Rakesh Mohan, deputy governor of the Reserve Bank of India, speaking at a pre-conference discussion on Tuesday, said that commitments made at the G-20 conference should be 'credible' so people would be convinced the group was working to help achieve a global turnaround.

The Hindu questions whether the G-20 summit will live up to its aims. The newspaper is also concerned at what it sees as differences of opinion between several European nations and USA and is not sure if the summit would 'change anything on the ground'.

The Pioneer, an English-language daily, says that while India continues to grow, it does not have the money to 'execute a fiscal stimulus of the size necessary to properly boost its own and the global economy.'

23/03/09

Writing in Asian Age Arjun Sengupta, a Member of the Indian Parliament, says the London Summit will see discussion on the question of greater role of developing countries in decision-making by increasing their quotas, their votes, and their representation on the Boards. Dr. Sengupta feels Indian expertise can be used to work out appropriate formulas for quotas to reflect not only different countries' relative economic strength but also their special needs.

Hindu Business Line considers the G-20 summit to be a 'unique opportunity for India to get its voice heard.' The newspaper expresses hope that the Government of India, in spite of the political preoccupations with polls, will act on a well-crafted brief for the upcoming G-20 conference and that the G-20 in April will be a conference with a difference, bringing 'concrete and beneficial results to the world'.  

Ian Luder, Lord Mayor of the City of London, argues in Financial Express that it is vital that countries like India play a key role in finding a solution to financial crisis. Luder states that the leaders at the G20 must work 'to stabilise the world's financial system' and also look closely at the possible reform of the International Monetary Fund - something India has long argued for.

21/03/09

Hindu Business Line says that as economies all over the world are going deeper into recession, 'economic nationalism is rearing its head everywhere.' The newspaper warns that if several countries retaliate by adopting their version of the US' 'Buy American' stance, then the global trade volumes could spiral downward, turning the recession into a full-blown Depression.

20/03/09

An editorial in The Hindu says that the renewed negotiations between the government of Romania and the International Monetary Fund show the kinds of predicaments emerging economies can face as well as the pressures put on them by the IMF's persistent imposition of what the paper describes as a 'single ideological agenda'. The newspaper feels that 'the discord will certainly intensify' and 'the Romanians will not be the only people to indict the IMF's double standards.'

19/03/09

Foreign Secretary Shivshankar Menon has told All India Radio that the first task at the London Summit is to get 'the global economy back on track.'  Menon said that another task would be 'to fix the structures so that this kind of thing does not happen again.' According to Menon, 'the institutions were working which no longer reflect the current realities. So, we need to bring them in line with current realities'.

Gulzar Natarajan, a civil servant, says in Mint that the London Summit is a congregation 'reminiscent of post-war global economic reconstruction efforts' in which the leaders will try to overcome 'arguably the greatest economic policy challenge since the war'. Natarajan feels that any long-term solution will have to primarily address the fundamental structural and macroeconomic imbalances and that the emerging economies should desist from 'exchange rate manipulation'.

In an editorial, The Hindu says that the meeting of G20 Finance Ministers and Central Bank Governors 'managed to maintain the facade of unity' which itself is no mean achievement considering the deep divisions that the paper believes exist on basic issues related as much to approach as to strategy. The newspaper adds that for all the advantages coordinated action confers, given the basic differences in perception among the member countries, securing the political acceptance of domestic constituencies for an agreed approach is not going to be easy.

A Business Standard editorial says that while there have been many calls for co-ordinated international action, 'countries still look out for themselves, and are not thinking globally.' The newspaper feels that the emerging market giants represented in the G20 (including India) 'have got a new voice', given that some of them are financing the deficits of the big western powers.

In a Financial Express column focussing on the financial crisis, Lord Meghnad Desai, a prominent economist and Labour peer, says that we need to ask how the already existing regulations were badly devised. Desai feels that we need 'a historical perspective, of events and ideas, for the current crisis.'

18/03/09

A Financial Express editorial says UK Prime Minister Gordon Brown's article in London's Guardian newspaper saying that days of laissez-faire government are over and that only left-of-centre, progressive governments can deal with today's economic problems would become 'one of the key political statements of this crisis and the recession'. According to the newspaper, it will be used by many, including in India, as an 'argument against freer markets and leaner governments.'

Professor Mukul Asher, writing in DNA, an English-language newspaper, says the G20 has medium-term potential but should not be regarded as a short-term panacea for addressing fundamental causes of the crisis. As a 'constructive and active' BRIC member of the G20 and the International Monetary Fund’s main policy committee, India has an interest in ensuring that the G20 evolves to provide effective stewardship to the global economy, and that any inconsistency between the G20 and the IMF is ironed out.

17/03/09

Former Union minister Yoginder K. Alagh states in Indian Express that India is stuck in the 'Bush-centric Bretton Woods dabba of trade barriers' and expresses concern that 'we are going to tomorrow's meeting with yesterday's mindset.' He questions what the Indian government has to say on financing apart from 'more aid and another World Bank/IMF window' and argues that the government should bolster financial institutions which support farmers, small businesses and artisans since these have a solid collateral in the shape of communities of workers.

Business Standard warns that the time to prevent another major economic catastrophe is running out and says that  'concerted international action' is required on areas such as the much-needed global fund to help poor countries, the growing pressures for competitive devaluation of currencies and the rising spectre of debt and wage deflation. The newspaper is concerned about transatlantic divisions caused by conflicting interests and priorities.

17/03/09

Analysing the meeting of the G20 Finance Ministers and Central Bankers, Hindu Business Line says that a 'global' decision to inject funds into the system and improve fiscal incentives to increase output is needed on an emergency basis along with the strengthening the regulatory framework - and that too on an international scale. The newspaper feels it would be unfortunate if the London Summit sent out the signal that the future would continue to remain uncertain because of the differences among the players involved.
 
Professor Robert Shiller argues in Business Standard that if the leaders meeting in London are to succeed they must commit themselves to a fiscal target that is sufficient to restore full employment under normal credit conditions and also to credit target that will restore lending to normal. Shiller says that developed nations must invest in confidence-renewing measures like the Marshall Plan and that seemingly peripheral issues, like aid to the developing world and the poor who suffer the most from a crisis like this one, will be part of the primary story of the renewal of confidence.

16/03/09

Hindu Business Line, a business daily, is concerned about differences of opinion over how to tackle the crisis among the developed nations.  It says that it will be a 'sad day if the G-20 economies fail to come up with a workable remedy because of such differences'.

Economic Times says that emerging countries such as India are clearly going to make anti-protectionism the cornerstone of their argument. The paper argues that 'instead of just rhetoric, they're likely to demand clear signals that rich nations aren't bunkering down in nationalistic cubbyholes, while at the same time talking global coordination'.  And goes on to note that 'while global governments have pretty much been coordinated in their response so far this has not stopped the flow of bad news'.

Financial Express argues that the outcome of the meeting of the G-20 finance ministers and central bankers in England was successful, given that expectations from the meeting were set 'at a pretty low bar'. The newspaper says top economic officials presented a united front in the battle against the global downturn and that this presented a picture of confidence that would help alleviate the gloom surrounding the global economy.

15/03/09 

Indian Express reported that Brazil, Russia, India and China - the major emerging countries - had called on the US and Europe to improve information sharing and demanded a bigger role in guiding the International Monetary Fund.

14/03/09

An article in Indian Express says that India's presence in the G-20 is the 'payoff' which has been obtained by virtue of having high economic growth in the last decade, and this will in turn help enhance Indian economic growth in the decades to come. The newspaper considers the London Summit to be an important milestone in the process of getting the world economy back on track and hopes that being part of this process will give India the confidence to be an 'enthusiastic and active participant' in the financial system that emerges from this process.

An Indian Express editorial says the G-20 must focus on rallying its members against protectionism, and press all the members to do their best to stimulate demand. The newspaper argues  that various countries within the G-20 are already taking 'strong and divergent positions' and highlights this as a cause for concern.

13/03/09

Economic Times says that given how protracted serious reform of the international financial architecture will be, for now the G20 should use the opportunity of its forthcoming April 2 meeting to get the world economy out of its present comatose state and then address long-term imbalances. The newspaper also expresses hope that we might still escape a repeat of the 1930s experience. The proactive approach of the world leaders and central banks  and the growing realisation that co-ordinated policy action, at least by the bigger powers, can alone save the day are cited as two main reasons behind this hope.

Hindu Business Line argues that a conclusion of Doha Round is even more important in the current scenario. Taking the initiative to push for a conclusion of Doha Round now has broader strategic implications for even the developing countries and 'developing country negotiators should not shy away from making new interventions and demanding stricter disciplines on standards and regulatory requirements as a part of the tariff concessions they must make'.

12/03/09

The Press Trust of India reports that Foreign Secretary Shivshanker Menon has said the current global crisis makes Indo-US economic co-operation all the more significant. Menon said the current global economic crisis figured prominently during his meetings with officials of the Obama Administration and Congressional leaders in his four-day trip to Washington.  'We agreed that the upcoming meeting of the G-20 leaders in London in April provides an important opportunity to pursue that goal,' he told Indian reporters at a press briefing before leaving for India.

11/03/09

Expressbuzz, a website, reports that Kanwal Sibal, a former foreign secretary, said there was general agreement in principle that protectionism would make the global financial crisis worse, but that political leaders found it expedient to violate the commitment to open markets. Sibal also felt that  on the restructuring of the global financial system, the views of emerging economies like India and Brazil would be heard with interest, but they could not play a decisive role in shaping the future which would be an issue mainly fot the US and EU.

Indian Express states that Montek Singh Ahluwalia, the leader of Indian delegation to the G-20 preparatory meeting, to remind the rest of the G-20 what India has repeatedly emphasised, that global recession needs global solutions, and that nothing must slow the engine of recovery: fast-growing emerging economies. The newspaper feels that the most important point is to ensure that 'developed world governments don't turn inwards.'

10/03/09

Suman Bery Director-General, National Council of Applied Economic Research, argues in the Business Standard, a business daily, that India is in the favourable position of being seen as an important emerging market with a sophisticated financial system and stands to gain immensely if the world is made 'both fairer and more robust'.

A column in the Economic Times points out that the global financial crises can prove to be the greatest opportunity for India's intelligentsia to move away from looking at economic policy design from the western prism.

An article in Financial Express debates the causes of the global financial crisis. The newspaper notes the IMF's argument that the 'main culprit' was deficient regulation of the financial system and the alternate viewpoint that it was the 'global imbalances' - the huge current-account surpluses run by countries like China, alongside America's huge deficit- that were at the root of the financial crisis. Some blame the IMF's policies during the Asian crisis for spurring countries in the region to build up enormous reserves. The newspaper feels this may offer part of the explanation for why the Fund has come down so strongly on one side of the debate.

A column in Financial Express asks what will happen when recovery resumes? The columnist is concerned the main lessons from the crisis, that issuers of global reserve currencies need to be subject to tougher global surveillance and that the world needs India and China to put their currencies on the world stage as prospective reserve currencies, might be lost.

09/03/09

India wants IMF's resources to be doubled to $500bn with a separate pool being created for countries with surplus funds, said Department of Economic Affairs Secretary Ashok Chawla. In an interview with Indian Express Chawla said there were no specific commitments by the G-20 as of now but that there was 'a 47-point action plan on which a consensus is being developed among various member countries' Chawla felt that this could be implemented 'only after due deliberations so that steps taken by one member nation do not cross steps taken by another'.

Markandey Katju, a Judge of the Supreme Court of India, argues in The Hindu that the global financial crunch can be alleviated by increasing the purchasing power of the masses. He states that one of the methods to resolve the economic recession is to reduce taxes drastically. If rates are reduced, the prices of goods will go down and people can buy more, thereby increasing the purchasing power.

Financial Express, a business daily, reports that Indian policymakers will meet their Asian counterparts at the Asian Development Bank forum in Manila to share policy responses to the global financial crisis and their impact on the region. 'The global financial crisis has started to hurt all countries in South Asia. India's economic growth has dropped significantly, while stock prices have come down sharply', the ADB said in a statement.

08/03/09

The Hindu reports that Foreign Secretary Shiv Shankar Menon, in his upcoming visit to Washington, will hold talks on the coming G-20 Summit in London on April 2 to tackle the global financial meltdown. Menon will reiterate India's concerns over increased protectionist sentiment in advanced economies.

06/03/09

Mint, a business daily, has expressed disappointment at the Western nations' retreat 'to their national borders', as US and UK financial institutions withdraw capital from emerging markets to their home fronts. It urges India and China to step up as defenders of free trade.

04/03/09

Financial Express reports World Trade Organisation's warning that the domino effect of protectionist measures by some countries would be devastating and that resisting protectionism is an imperative today. The newspaper says this was a 'major boost' to India's stand as it has already 'taken serious objection against protectionist measures adopted by US in particular'.

Indian Prime Minister Manmohan Singh vociferously advocated the importance of not falling prey to protectionist tendencies at the Washington G-20 summit, according to Indian Express. India has since then slapped import restrictions on various steel products and auto parts and imposed a blanket ban on Chinese toys in late January, which was partially lifted yesterday.

03/03/09

External Affairs Minister Pranab Mukherjee says that protectionist steps by developed nations would complicate the global financial crisis, according to Samay Live. 'Developed countries should not resort to protectionism to overcome this crisis. Any sort of protectionism will complicate the problem instead of resolving it,' Mukherjee said.  He stated that during the time of crisis developed economies must ensure that there was no hindrance in the flow of investments to the developing countries.

01/03/09

Indian Express reported that at the last G20 meeting in Washington in November, India and China were seen as countries that could be the engines of growth with the leaders stressing the importance of a globally coordinated stimulus plan to boost domestic demand and pull the world out of a depression earlier than what is feared. 

28/02/09

Australian Prime Minister Kevin Rudd argues in the Indiannewspaper 'Hindu Business Line',that the scale of the global financial crisis demands that were-evaluate the economic policy and philosophy which brought us to thispoint. He states that governments must craft consistent globalfinancial regulations and address the imbalances that have destabilisedthe global economy in the past decade.

27/02/09

Indian Express questioned whether the European nations were prepared to give up their seats in international bodies such as the G20, the IMF and similar institutions to make room for more non-Europeans. It also accused EU leaders of being unwilling to practise what they preach in condemning protectionism.

Writing in the Times of India, Dr. Ramesh Thakur argued that the financial crisis had forced a realignment of financial governance institutions and that no major Asian and very few global issues could be addressed effectively without involving all three Asian giants - India, China and Japan. A leaders' level G-20 was a logical and inevitable coordinating forum for steering global affairs.

25/02/09

The Press Trust of India, a news agency, reports President Barack Obama's statement that his administration is working with the G-20 countries, which includes India, to restore confidence in our financial system and 'to avoid the possibility of escalating protectionism'.

24/02/09

Asian Age reported that India, concerned over growing protectionist measures, has taken up the issue with the US and Europe impressing on them that the barriers will hurt world trade.

Professor Deepak Lal argued in a column in Business Standard that the continuing crisis and the unprecedented US government borrowing was likely to portend important changes in the global environment, with the three high-savings countries - China, Japan and India - as the major source of funding for the exploding US public debt. He was concerned that the ensuing erosion of the global order, so essential for the processes of globalisation to work, was likely to be the most serious long-term consequence of the global financial crisis.

22/02/2009

Business Standard reports that Prime Minister Manmohan Singh has been invited for the G-20 Summit to be held in London in April, which the newspaper says will discuss ‘ways and means to reinvigorate growth in the wake of the global economic crisis’. The newspaper also noted the fact that Gordon Brown has invited the chairs of NEPAD, Asean and the African Union as that ‘will ensure their interests are not forgotten and their voices are heard’.

20/02/2009

A columnist in Business Standard, one of the two leading Indian business dailies, commends the economists debate organised by VoxEU in conjunction with the London Summit website, but says the views of non-economists need to be heard.

17/02/09

IANS, a newsagency, said the London summit could offer a 'grand IMF bargain' to India, with the country taking on a greater role in the international financial system in exchange for  policy measures to support open markets.

16/02/09

Hindu Business Line warned about the dangers of protectionism while taking note of the Buy American clause in the huge stimulus package passed by the US Congress. The newspaper commented that the temptation to turn to protectionism was great but 'this must be resisted if only because it could lead to a chain reaction across the world to no one's benefit.'

12/02/09

Reuters reported that Pranab Mukherjee, the foreign minister and acting finance minister said ahead of next week's interim budget that India needed to stimulate trade and investment flows, to boost slowing domestic economy hit by deepening recessions overseas.

11/02/09

The Hindu reported that the Central Government said it would borrow an additional Rs. 46bn  from the market in four tranches from February 20 to March 20 to keep up the growth momentum,. This would finance extra expenditure to stimulate the economy impacted by the slowdown and recession in various parts of the world. 

10/02/09

Hindu Business Line - a business daily, argued that the view that a 'decoupled' Asia could serve as a shock absorber, moderating the impact of the financial crisis, was inaccurate and outside the US it is Asia where the recession is biting most.

06/02/09

External Affairs Minister Pranab Mukherjee said the government would initiate more measures to support labour intensive sectors in response to the financial crisis with a focus on Gandhian economics.

'The current circumstances make it imperative for the developing countries to enhance regional cooperation to mitigate the adverse impact of this crisis,' he added.

04/02/09

An editorial in the The Hindu, an English-language daily newspaper, says that nations should see the unfolding economic crisis as an opportunity to reshape policies, and put in place structures that will help a speedy recovery.

It views job creation as the key and considers multi-pronged state-led economic action to be the most effective remedy. The Economic Times, another daily, quotes the call for 'cooperation and action' made by the British Prime Minister Gordon Brown at Davos, but is not satisfied with the attempts made by global leaders to formulate a plan of action.

India

• Indian Premier Dr Manmohan Singh outlines key issues for G20 London Summit